TransactionsCassels Brock Represents The Vendors As Leisureworld Completes Acquisition, Offering And Debt FinancingPublished: 05/16/2011 By Rick Angelson, Y. Ken Chun, Jamie Firsten, Chris Hersh, Andrew M. Reback On April 27, 2011, Leisureworld Senior Care Corporation (which is the third largest licensed long-term care provider in Ontario) acquired two luxury retirement residences for a net purchase price paid to the vendors of approximately $89 million. As financing for part of the purchase price, Leisureworld completed a prospectus offering of subscription receipts on a bought deal basis for aggregate gross proceeds of approximately $46 million, including an over-allotment option exercised in full by the underwriters. The Offering was underwritten by a syndicate of underwriters led by TD Securities Inc. and including RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., Macquarie Capital Markets Canada Ltd., HSBC Securities (Canada) Inc., Canaccord Genuity Corp. and National Bank Financial Inc. The remainder of the purchase price was financed with debt by way of a new $55 million credit facility provided by Bank of Montreal. The vendors, The Royalton L.P. and The Royalton Kanata L.P., were represented by Cassels Brock & Blackwell LLP with a team led by Y. Ken Chun and including Rick Angelson (real estate), Jamie Firsten (corporate/commercial), Andrew Reback (tax) and Chris Hersh (competition). |